It's not wizardry actually.

DX 11 on PC has a giant overhead, and many other issues and it's not as close to the hardware. So there will be a much bigger boost.

The Xbox One API already was much more close to the hardware. So it will benefit in some ways, but not as much as PC's.

More important for the DX12 believers, Sony can and will improve their API as well. So in the long run the gap will stay the way it is.

This is old news. Phil Spencer also said that DX12 wasn't going to have a huge impact on graphics.

Where does 24meg come from? I thought the minimum was 2?

This.

It doesn't really matter that he said it, just like it didn't really matter when Phil did.

A majority of Xbone owners online know what DX12 means, and are ok with it. As with anything else, you have a very tiny amount of extreme fans still salivating at what DX12 can do, and then you have console warriors for the other team ready to take the commentary from that minority and paint a majority of gamers with it.

People DO understand that Microsoft has some of the smartest graphics programmers IN THE WORLD. They CREATED DirectX, the standard API’s that everyone programs against. So while people laude Sony for their HW skills, do you really think those programmers don’t know how to build a system optimized for maximizing graphics for programmers? Seriously? There is no way they're giving up a 30%+ advantage to Sony.

Even on older cards people have been seeing a huge increase in performance. But even if this only improves the Xbox One 20-30% (which is less than half some of the older cards are getting). It's still not that noticeable.

It will be nice to see what it does. Some of the demos were rather impressive.  Look at first gen Xbox  360 to the very end -  say the new Tomb Raider or Halo 4. 

There will be improvements on both consoles.

But there are two if not three important things as well:

1. Xbox One API already was 'closer to the metal' than DX 11 on PC. So it won't benefit as much as PC's.
2. Sony can improve their API, OS etc. as well. And they will. They've done that before.
3. Improvements depend on devs as well.

People should just stop expecting to much from DX12 on Xbox. There will be improvements though.

I love how everybody is down playing it now.... Let see... First I'm still waiting for the amazingly graphically better grown breaking game all that 50% more power on PS4 can do.... Not seeing... And no better resolution doesn't mean better graphics... Just.... Better resolution and when most people have average displays under 50" whoppitty whoops I ain't impressed...
Now DX12 will not revolutionize XBO capabilities those are fixed... But it WILL definitely improve development a lot... It's like saying a brand new high way won't shorten the distance between two points... Yeah true but it will make the ride more enjoyable and faster than one full of pot holes...
So yeah for devs it will mean easier work, more time, less cost, so more time more money to invest on more stuff= difference on end results... Not on max capabilities but on how much they'll invest time and money to get close to those...

And final point Sony improving API... Yeah sure and OpenGL becoming good... Why not still not where MS and DX12 can go overall... (not only on consoles)

So yeah nothing major, but still a nice boost we'll notice with good devs

Sure we'll notice improvements. It's just that people expect to much from DX12. And yes, Sony can improve PSSL. Tey're already doing.
The 41% advantage (Xbone GPU clocking higher) is another thing though. That basically is what leads to resolutiongate. Or a bit more GTA grass. And that basically is it.

Oh, and i don't have a PS4, just Wii U and One. So no intention to let Xbox look bad.